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Friday, February 3, 2023
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    HomeBitcoinBitcoin now at its pre-FTX collapse level

    Bitcoin now at its pre-FTX collapse level

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    • At press time, bitcoin (BTC) was buying and selling at $21,507.97.
    • Bitcoin value has surpassed the place it stood on November 5 simply previous to the FTX collapse.
    • It now stands at its highest value since mid-September final yr.

    2022 was undoubtedly not an excellent yr for crypto and particularly for bitcoin (BTC) which was buying and selling beneath $20K for fairly some time earlier than the yr’s finish. Bitcoin had plunged all the best way right down to about $15,000 in wake of the FTX collapse earlier than trying a comeback that noticed it caught near $16,500 for a number of weeks earlier than embarking on this present rally because the starting of 2023.

    Bitcoin has now corrected the worth dip that was attributable to the newest crypto misfortune, the FTX collapse that occurred firstly of November. Early this morning, the worth of bitcoin surged to a every day excessive of $21,564.50 earlier than barely pulling again to $21,507.97 on the time of writing.

    What’s behind right this moment’s BTC value surge?

    Whereas the overall cryptocurrency market is on a bullish trajectory, right this moment’s sudden surge in bitcoin price is essentially attributed to this morning’s larger-than-expected lower within the Producer Value Index (PPI) for the simply concluded month of December. The retail gross sales in December additionally dropped method beneath their forecast.

    December’s PPI dropped by about 0.5% bringing the year-to-year charge down from 7.3% to six.2%. The year-over-year charge dropped by about 5.5% in opposition to a forecast of a drop of 5.7%.

    Then again, December retail gross sales dropped by 1.1% in opposition to a forecast drop of 0.8%. Mixed with the decline in November, this marks the primary time retail gross sales have dropped back-to-back by greater than 1% submit the pandemic.



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